Rob Wile is a breaking business news reporter for NBC News Digital.
It's a key question on voters' minds heading into Thursday night's presidential debate: How far does my dollar go in 2024? The short answer: further than inflation. Since February 2020, the Consumer Price Index has climbed a cumulative 20.8%, according to Bureau of Labor Statistics data. Over that same period, average hourly earnings rose 22.3%. The chart below shows the result: Inflation-adjusted hourly earnings have increased 1.
' Causes versus effects But even though pay has broadly outrun inflation, many Americans still don't feel better off than they were a few years ago. One reason is that the tight labor market early in the recovery from the pandemic — where demand for workers exceeded their supply — has pushed wages higher in parts of the economy that quickly feed back to customers. In other words, Americans are encountering the places where price growth has been fastest more frequently.
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